Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could re-test 110.67 in case it breaks below 111.97.
Key Quotes
“USD/JPY’s correction higher has failed at the top of a 6 week channel at 113.96 and so far eased back to its mid point, which today is located at 111.97”.
“Failure here should be enough to trigger losses to the 110.67 recent low and the 110.00 base of the channel”.
(Market News Provided by FXstreet)